City leaders back vote to Brexit

Brexit, UK, European Union, EUMore than 100 executives from the UK’s most influential financial services firms, including former Hargreaves Lansdown co-founder, and bosses at Odey Asset Management and Winterflood Securities, have signed a letter to back Britain leaving the European Union.

In a letter sent to Brexit campaign group Vote Leave, 110 City bosses said getting out of the EU would “most likely” strengthen the UK’s position as the world’s largest international financial centre.

Among the signatories were Hargreaves Lansdown co-founder Peter Hargreaves, Crispin Odey, founder of Odey Asset Management and Winterflood Securities boss Brian Winterflood.

The letter says: “We worry that the EU’s approach to regulation now poses a genuine threat to our financial services industry and to the competitiveness of the City of London.

“Assuming good political leadership and an effective regulatory environment, we believe that the City is most likely to strengthen its lead as the world’s largest international financial centre, and continue to make a major contribution to the UK economy and employment, outside the EU but with continued access to its capital markets.”

City leaders who signed the letter included Michael Geoghegan, former group chief executive of HSBC, CMC Markets’ head Peter Cruddas, Risk Capital Partners founder Luke Johnson, former chief executive of Habib Bank AG Zurich Moorad Choudhry and Paul Marshall, chairman and chief investment officer at hedge fund Marshall Wace.

The signatories said it no longer made sense for Britain and London to be in the EU, as the union had failed to support innovation.

The group also said the EU approach to regulation poses “a genuine threat” to the UK financial services industry.

Vote Leave chief executive Matthew Elliott says: “Far from the picture of doom and gloom painted by the government, it is clear that the City of London would not only retain its pre-eminence as the world’s most important financial centre, but would also thrive after freeing herself from the EU’s regulatory shackles.”